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Day: February 6, 2024

7 Applications of Deep Learning in 2024

Posted on by Imarticus Learning

In recent years, deep learning, an artificial intelligence field, has been the primary force underlying amazing technological advances. 

Deep learning is actively implemented for different applications, including medical care, finance, text analytics, environmental monitoring, cybersecurity, speech recognition, manufacturing, and many more. However, perceiving the constant changes and fluctuations in actual-life scenarios and data, developing a suitable model is challenging. Furthermore, a lack of fundamental insight turns deep learning algorithms into black-box devices, impeding standard-level growth.

With 65% of firms hoping to employ machine learning admitting that it plays a part in improving decisions and 74% considering artificial intelligence and machine learning as game changers, these advancements are not merely on the radar but are actually altering the environment of modern employment and industry. 

This article explores seven exceptional deep learning applications in 2024, unveiling their power across diverse domains. These applications show that deep learning is not simply an ideal for the future but today’s reality, with infinite possibilities to influence society.

7 Leading Applications of Deep Learning Across Various Industries in 2024

1- Healthcare

Deep learning has the potential to substantially impact medicine. It is used to construct prediction models for a number of reasons, such as disease diagnosis, serious illness diagnosis, and medical counselling. 

Deep learning is also being used to produce unique imaging processes like MRI and CT scanning reanalysis.  

2- Chatbots

Deep learning is used to construct chatbots capable of replying to human questions in natural language. Chatbots are widely used in customer support, social media promotion, and client messaging services. They respond to human inputs automatically.

Chatbots may develop the ability to recognise the purpose of a user’s speech and provide a suitable response through a deep learning algorithm. It enables chatbots to have authentic and human-like discussions with users.

3- News Aggregation and Fraud News Detection

Deep learning is used for industry in news aggregation, which leverages deep learning algorithms to autonomously identify and extract news stories from webpages. It performs keyword-based searches and has further been employed to detect fake news. 

Deep Learning enables you to tailor news to the personas of your audience. You may collect and filter news material based on social, physical, and economic characteristics and a reader’s personal preferences. Neural networks aid in the development of classifiers capable of detecting fraudulent and biased news and removing it from the feed that you receive. They also notify you about potential privacy violations.

4- Natural Language Processing

Deep Learning algorithms have transformed Natural Language Processing by automating the extraction of value from text. These algorithms have produced results on several tasks, such as queries, automated translation, and text categorisation.  

Deep Learning-based NLP addresses numerous issues associated with understanding human speech by instructing machines to deliver appropriate responses based on linguistic inputs.

5- Virtual Assistants

Virtual assistants are software applications designed to perform tasks typically carried out by humans. These digital helpers are equipped with a shared language and have the capability to perform functions like managing appointments, sending emails, and setting alarms. The integration of deep learning is pivotal as it empowers computers to glean insights from data, thus enabling virtual assistants to understand user needs and respond accordingly, making their interactions more effective. 

6- Entertainment

Deep learning is increasingly employed in the entertainment sector to develop realistic three-dimensional characters while improving the quality of the visual effects. One of the deep learning algorithms used in everyday life is entertainment. 

Deep learning was utilised to create authentic water models in Disney’s animated feature. Deep learning algorithms were also used to create the special effects used in the film. It is also used to generate captions and add audio to silent films.

7- Robotics

Deep learning algorithms have recently been utilised extensively in the robotics sector, allowing robots to obtain knowledge and fuel their capabilities automatically. It enables robots to enhance their work efficiency without the need for human involvement. It has been used to make it possible for robots to travel in unfamiliar areas autonomously, recognise and grip things, and communicate with humans. 

Wrapping Up

To summarise, the use of deep learning algorithms has a significant and transformative influence across a wide range of fields. These seven applications demonstrate the adaptability and power to tackle complicated issues and develop technology. 

As deep learning evolves and pushes beyond the limits of what is achievable, it is critical to recognise the importance of universities in determining this field’s future. Courses such as the IIM AI and ML Courses, given by top universities, are preparing the next generation of experts with the skills needed to capitalise on the opportunities offered by deep learning.

In addition, to advance in the Artificial Intelligence domain and stay at the forefront of the AI revolution, take part in the AI for Business Leaders Executive Course. Programmes like the Executive Programme In AI For Business, provided by Imarticus, give aspirants a solid foundation in artificial intelligence and machine learning, helping them prepare for the future!

Sales Automation Tools: Streamlining Your Sales Process

Posted on by Imarticus Learning

In the global business environment, an organisation’s success is determined by how it adapts, innovates, and manages its sales operations effectively. An organised sales process generates income and encourages relationships with consumers and growth. However, as corporate challenges and customer demands rise, so does the difficulty of effectively handling sales.

Marketing automation also saves marketers’ effort; sales automation data show that 58% of marketing benefits from greater upselling options due to marketing automation initiatives.

Sales automation tools are becoming essential, allowing businesses to optimise their sales processes, increase productivity, and accelerate revenue development. 

This article explores the efficacy of sales automation tools and discovers how to optimise the sales procedure to attain new levels of profitability, efficiency, and client satisfaction.

Exploring the Dynamics of Sales Automation

The application of technology to streamline repetitive operations and processes across the sales cycle is called sales automation. These techniques reduce human effort in common procedures, allowing salespeople to concentrate on tasks like relationship development, understanding customer needs, and finalised deals.

You can use sales automation technologies to:

  • Automate follow-ups
  • Control the sales pipeline
  • With a consistent and scalable approach, you can quickly educate new sales teammates.
  • Deliver invoices and payment notifications to clients to avoid awkward interactions.

How Can Sales Automation Benefit Your Business

For any organisation, sales automation may significantly improve every aspect of the sales procedure. It offers several sales-specific perks that are important to any sales agent. Some of the responsibilities that sales automation can manage are:

Prospecting for Sales

Analyse a lead’s requirements, provide data, and share everything you learn with everyone else in the organisation without wasting time compiling and manually sending it across every database.

Tracking Leads

Keep a record of a customer’s relations with the firm, as well as their purchasing history, to offer customised promotional offers and interactions.

Communication in Real Time

With sales automation that refreshes every essential database at once, you can automatically update every part of the organisation about customers in the funnel. You may send automated responses, connect with others on social media, and finish purchases more quickly.

Increase Your Sales

Your team of salespeople will have extra time to chase leads and close deals since they won’t be required to spend hours daily on manual, repetitive management activities. You may even utilise sales automation tools to set goals and prioritise products.

Effective Marketing

Sales automation collaborates with marketing automation solutions to deliver marketing content at crucial stages in the client experience.

Find New Opportunities

Using AI, Machine Learning (ML), and sales automation, one may identify the most cost-effective prospects and discover chances for upselling. It will be able to determine where the majority of successful target markets are and quickly learn how to sell them a product.

Leading Sales Automation Tools

Some of the most popular sales automation systems used by firms include:

Pipedrive

Pipedrive is an easy-to-use CRM software that specialises in controlling pipelines. It assists sales teams in visualising their sales procedure, keeping track of deals, and automating repetitive processes. Pipedrive is an effective option for small and medium-sized companies due to its ease of use and customisation choices.

HubSpot Sales Hub

HubSpot Sales Hub is a robust sales platform with email monitoring, marketing, managing leads, and analytics capabilities. It interacts effortlessly with the HubSpot CRM, creating an integrated system for sales, advertising, and client service teams.

Zoho CRM

Zoho CRM is a robust system that manages the complete sales process. It has lead administration, email advertising, and workflow automation tools. Zoho CRM is noted for its adaptability and ability to be adjusted to the specific demands of various sectors.

Zendesk Sell

Zendesk Sell, previously referred to as Base CRM, is a sales automation application that emphasises easy use and simplicity. It offers lead and managing contacts, automation of emails, and sales projection tools.

Outreach 

It is a tool for sales interaction that streamlines and optimises outreach techniques. It contains features like email sequencing, data analysis, and data-driven AI that can assist sales staff in engaging prospects.

ActiveCampaign

ActiveCampaign is an application that combines CRM, automated marketing, and sales automation. It enables personalised and automated engagement with leads and consumers, making it easier to build relationships and increase sales.

Wrapping Up

Sales automation technologies have emerged as essential assets for modern firms seeking to optimise their sales operations. These tools have a lot of benefits such as increased efficiency and productivity to improve client relationship management. It also helps seller representatives concentrate on creating and maintaining client relationships – by automating regular operations, monitoring leads and prospects, and offering important insights via data analytics. Furthermore, the flexibility to adapt and expand sales automation technologies to meet the specific demands of a company guarantees that they stay relevant in a marketplace context.

Since the sales environment evolves, adopting sales automation becomes an essential strategy for businesses aiming to stay comparable and excel in the age of digitisation. Also, this is useful for graduates like the IIM Sales and Marketing course who are adequately prepared for success in this dynamic field.

Further, those who want to excel in the Executive Management Programme can join the Executive Management Programme In Sales & Marketing Leadership course offered by Imarticus. This programme is designed for executives with excellent managerial track records who aspire to be corporate managers. It improves the development of leadership skills and the effective management of organisations. 

Understanding the Realm of Product Management

Posted on by Imarticus Learning

What drives a product’s journey from a mere idea to a market leader? The answer lies in effective product management. 

As businesses grow, the role and requirements of a product manager become quite important, serving as a linchpin between customer desires and business goals. A compelling statistic reveals that an optimised product manager can boost company profits by 34.2%. Additionally, 81% of professionals in the field stress the importance of measuring product success, highlighting the significance of product management. 

As we explore further, we will understand the intricacies, challenges, and triumphs in product management. Whether you’re a fresher or a seasoned expert, gaining a deeper understanding of this field is crucial for fostering innovation and securing a competitive edge. So, let’s get started. 

Exploring Product Management?

Ever wondered who ensures that a product perfectly aligns with market needs and company objectives? It’s because of product management. It is a critical organisational function that guides a product through its lifecycle, from inception to introduction in the market. 

What is Product Management?

At its core, product management orchestrates product creation, development, and marketing. It is the anchor that connects various departments, ensuring a harmonious flow from ideation to product launch. This makes it evident that product managers are one of the most important job roles in any organisation. Many a time, product managers are associated with tech companies, in reality, the essence of their role is universal and applicable to any organisation crafting a new product or refining an existing one.

So, what is a product manager’s role?

  • Customer-Centric Product: Dive into the market statistics, understand customer interviews and reviews, and data analytics to capture the essence of customer needs and desires.
  • Product Requirement Definition: Transform insights into actionable product specifications, ensuring the product aligns with its target audience’s expectations.
  • Feature Decision-making: Determine which features to incorporate based on customer demand, market dynamics, and resource availability, creating a clear product roadmap.
  • Strategic Alignment: Regularly liaise with company executives and stakeholders to ensure the product’s direction aligns with the overarching company vision.
  • Team Collaboration: Engage actively with cross-functional teams, from development to marketing, ensuring a cohesive approach to product creation, development, and promotion.

Importance of Product Management

According to a report by Pragmatic Institute, companies with strong product management practices witness a 50% faster time-to-market and 30% faster revenue growth. This figure clearly shows how important product management is in a company. Let’s understand how else it helps a company – 

  • Driving Company Growth: At its core, product management fuels a company’s growth engine. It’s not just about making a product; it’s about making the right product that resonates with the target audience. 
  • Bridging Gaps: Product management ensures that the team understands the market trends and the product’s unique selling points. The development team is aligned with market needs, and the product’s value proposition is clear to all stakeholders.
  • Ensuring Product Relevance: Consumer preferences shift rapidly in today’s dynamic market. Product managers are at the forefront of ensuring that products evolve with these changing demands. 
  • Guiding Product Strategy: A product isn’t static. It needs to evolve, adapt, and grow. Product managers ensure that product strategies are continuously enhanced, keeping them competitive and relevant.
  • Upholding Best Practices: Product management isn’t just following a set playbook. It’s about understanding the market, analysing trends, and implementing best practices that lead to product excellence. 

The Approach to Product Management

Product management requires a systematic approach to ensure that the products not only meet the demands of the market but also align with the company’s strategic goals. Here is the breakdown of the approach most organisations take – 

  • Market Analysis: Product managers identify product trends and gather customer feedback through mechanisms like usability tests and surveys.
  • Idea Validation: Ideas are brainstormed and then assessed for feasibility with technical teams.
  • Product Roadmapping: A guiding document, the roadmap outlines the product’s development trajectory and key milestones.
  • Product Specifications: Detailed blueprints are created for the engineering team, highlighting product facets.
  • Backlog Management: Tasks are sequenced based on the roadmap, ensuring alignment and timely delivery.
  • Quality Assurance: Product managers oversee testing phases, ensuring standards are met and identifying potential risks.
  • Resource Allocation: A balance is maintained between developing new features and ongoing maintenance, ensuring product evolution and robustness.

Best Tools for Product Management

Here is a list of tools that will help you and your team navigate seamlessly through the journey of product management – 

  • Monday.com
  • Airfocus
  • ClickUp
  • Aha!
  • Miro
  • Production Plan
  • Craft.io
  • Ignition
  • Trello

What’s Next?

Product managers’ meticulous processes and strategies are pivotal in bridging the gap between customer needs and business objectives. For professionals aiming to excel in this domain, programs like the general management certification or the general management program from IIM offer a comprehensive understanding and skill set tailored for this dynamic field. 

If you’re wondering, whether you are equipped with the right tools and knowledge to lead the charge. Then perhaps, it’s time to consider a general management certification to elevate your expertise and stay ahead in the game. What’s your next move in mastering the realm of product management?

Top 8 Digital Marketing Automation Tools to Explore

Posted on by Imarticus Learning

You are probably aware of automation in digital marketing. Digital marketing is getting better and faster to reach targets. To keep up with this pace, automation tools can help. Automation tools can streamline processes better. They help you become more efficient and effective in your strategies. 

You don’t have to go a lot farther back in time to see the effects of automation tools in digital marketing. Even last year, around 76% of brands worldwide used such automation tools for digital marketing and saw incredible results.

If you are browsing the internet, you will see a lot of options from which you can choose a digital marketing tool. The tools have unique features based on the industry or specific market that they target. As a digital marketer, you should be able to identify the unique needs of your brand and choose the best feature applicable to your brand marketing.

Various Digital Marketing Automation Tools

Here are eight digital marketing automation tools you can tinker around with:

Sender

Sender is one of the most popular email and SMS automation tools that provide a wide range of features. It includes in-depth analytics, heatmap, drag-and-drop email-builder and more. With the help of this platform, you can customise premade email templates and create automated workflows in an easy and hassle-free manner.

One of the best things about this digital marketing automation tool is that it is extremely affordable. This makes it the perfect choice, especially for small and growing businesses. Its free version offers numerous advanced features and can be accessible by as many as 2,500 subscribers at a time. 

Mailchimp

Yet another popular choice in the realm of email marketing is Mailchimp, which is a digital marketing automation tool focused on simplifying the creation of visually appealing emails. Some of the key features of this platform include email marketing automation, e-commerce automation and drip campaigns, among others. What’s more? It is fully free of cost, meaning that you do not have to pay any additional fees to access the multiple robust features of this tool. 

Salesforce Marketing Cloud

Salesforce Marketing Cloud is a robust digital marketing platform that empowers organisations to create personalised and targeted marketing campaigns across multiple channels. Contrary to the digital marketing tools mentioned above, which primarily focus on email marketing, Salesforce Marketing Cloud extends further and lets you target mobile app notifications as well. 

Some of the many features offered by this platform include automatic lead scoring, automated emails, and intelligent lead nurturing. It is currently priced at $1,250 per month.

EngageBay

EngageBay is an all-in-one platform that caters to all small and medium-sized businesses. It includes auto-responders, interest-based promotion, personalised site messaging, automation workflows and more. With the help of this tool, you can manage all your customer interactions seamlessly from a single dashboard.

What’s more? It is easy to use and extremely affordable. The free plan of EngageBay offers numerous features that you can incorporate into your business operations. If you wish to explore more advanced features, you simply need to pay a monthly subscription fee of $14.99 per month.

SureTriggers

Moving on, SureTriggers is yet another excellent digital marketing tool that is worth exploring in 2023. It is an automation tool using which you can optimise workflows and simplify business procedures. One of the fantastic features of this platform that makes it stand out from the rest is its ability to be integrated with other CRM and marketing tools. In addition to this, it caters to businesses of all sizes who wish to optimise their marketing efforts. From automation triggers and reporting to custom workflows, you can do it all with SureTriggers. 

Ontraport

Ontraport is a comprehensive business automation and marketing solution that is specifically designed for small businesses and entrepreneurs. When it comes to features and functionalities, Ontraport goes above and beyond to provide a robust set of tools, such as CRM and automation facilities, to help enterprises manage and grow their small businesses. 

One of the key features of this platform includes its outstanding capabilities of reporting and analytics. Contrary to most other tools that leave you guessing about how well your marketing strategies are working, by using Ontraport, you get to enjoy a clear and transparent view of your digital marketing efforts. This, in turn, further enables you to identify key areas of improvement and make better data-driven decisions.

SendPulse

What started as a simple email marketing service eventually expanded to a full-scale marketing automation platform. That is the story of SendPulse, which has been the number-one choice for numerous professionals working in the vast realm of digital marketing. Building personalised message flows, easy integration with ChatGPT, and creating chatbots are some of the many tasks that you can achieve via this platform.

What’s more? To attain all these benefits, you simply have to pay a minimum subscription fee of $10 per month.

Zapier

Last but definitely not least, we present to you Zapier, which is an online automation tool that allows you to integrate various apps and automate workflows. One of the best features of this platform is that you do not need any coding expertise or knowledge to operate this solution. It is extremely easy to use and to top it all, it supports thousands of apps and enables seamless data transfer between them. Some of the many functionalities offered by Zapier include multi-step workflows, conditional logic for automation and easy integration with a myriad of apps, among others. 

Conclusion

To sum it all up, in the complex domain of digital marketing, these automation tools offer not just efficiency but serve as a strategic advantage. Whether you are focusing on email marketing, lead generation or holistic marketing automation, with the right tool, you can quite easily elevate your campaigns to new heights. The ultimate key is to choose the one that works best for your business. To achieve the same, you need to first identify your specific business needs, consider scalability and then select a platform that resonates with your marketing goals.

If you wish to uncover more such details of the digital marketing landscape or simply wish to pursue a successful career in this field, then do not forget to check out this PG Program in Digital Marketing, offered by none other than Imarticus Learning. In this six-month program, you will get to enjoy practical experience with over 15+ industry-specific projects and case studies. In addition to this, it also brings forth numerous advantages, such as 100% job assurance and a live learning module, thereby making it the best digital marketing course currently available.

The Role of Artificial Intelligence in Supply Chain Planning

Posted on by Imarticus Learning

Are you aware that AI is quickly becoming a foundational element in modern supply chain planning?

In Supply Chain Management (SCM), Artificial Intelligence (AI) is driving improvements in efficiency and introducing sustainable practices. As projected by Gartner, in 2023, over half of the leading supply chain companies will have incorporated artificial intelligence into their systems. This shift towards AI isn’t just a temporary movement; it highlights the significant impact of AI in enhancing, simplifying and anticipating supply chain demands.

According to a report by McKinsey, companies who adopted AI for SCM earlier have witnessed improvements in logistics costs by up to 15% and significant positive changes in inventory management. The transformative power of AI is becoming very evident as businesses struggle with the complexities of modern technology in supply chains. This evolution underscores the importance of AI’s role in redefining and optimising supply chain planning for the future. Gartner also states that supply chain organisations expect that the level of machine automation in their SCM will double in the coming years. 

In this article, we will learn about the effective and efficient role of AI in Supply Chain Planning and what it holds for the future of organisations. 

Artificial Intelligence in Supply Chain Planning

Supply chain planning includes a range of activities like producing, sourcing or delivering products. However, it depends on industry to industry. 

So, how exactly is Artificial Intelligence reshaping the supply chain management landscape? What has propelled us from the basic logistics of transporting goods to anticipating the future trajectories of supply chain dynamics? Dive in as we unravel the transformative role of AI in revolutionising supply chain planning. 

Inventory Management

Inventory management involves the organised method of procuring, storing and distributing inventory, which includes both raw materials and final products. It has helped companies track their inventory accurately, even if the order is being sent across the globe. The biggest advantage is that it saves human work hours and allows them to focus on other work which cannot be done with the help of AI. 

As per findings from Future Market Insights, there’s an anticipated growth in the inventory management software sector at a rate of 11.2% CAGR between 2022 and 2028. By 2028, the market’s valuation is projected to touch approximately $US 3,291 million. Let’s see how AI helps in inventory management: 

  • Real-time tracking
  • Predictive analysis
  • Integration with other systems
  • Automated reordering

Predictive Analysis

Predictive analysis provides insights into predicting the demand beforehand. This came in exceptionally handy during the post-COVID era when supply chains faced volatility and changing demands. 

AI analyses historical and current data trends and can optimise inventory levels specific to regions or countries. This technology also helps in predictive maintenance, allowing organisations to anticipate machine downtime and ensure that operations are uninterrupted. Furthermore, route optimisation through predictive analytics helps enhance shipping and logistics by determining the most efficient paths for transportation, thereby reducing costs and delivery times. 

Warehouse Automation

Warehouse automation combines digital and physical asset automation, including data analytics and robotics. Digital automation can include warehouse management systems that track orders and fulfilments, while physical automation might involve technologies like conveyor belts or mobile shelf loaders. 

Advanced warehouse automation technologies range from autonomous mobile robots to automated storage and retrieval systems. These innovations streamline warehouse operations, reduce manual labour, and increase efficiency, ensuring that products are stored and retrieved in the most optimal manner.

Route Optimisation

AI-driven route optimisation is transforming the logistics sector. By analysing real-time data combined with existing map information, AI-powered systems can quickly identify and create the most efficient routes for transportation. This reduces fuel consumption and delivery times and ensures that goods reach their destinations in the shortest time possible, leading to increased customer satisfaction.

Enhanced Visibility

One of the significant advantages of integrating AI into supply chain management is the enhanced visibility it offers. AI collects vast sets of logistic data and presents it in an easily understandable manner. This includes information on shipping times, inventory locations, predicted delays, and potential shortages. For the first time, organisations can gain a comprehensive view of their supply chain, making informed decisions and optimising operations.

Customer Satisfaction

AI plays a crucial role in improving customer service. Advanced AI-powered chatbots can instantly address common customer queries, reducing wait times and enhancing the overall customer experience. By predicting customer behaviour and automating responses, AI ensures that customer concerns are addressed promptly and efficiently. This enhances the customer’s trust in the brand and ensures repeat business.

To Sum Up

The fusion of Artificial Intelligence with supply chain planning signifies more than just a tech-driven leap; it marks a transformative change in how supply chain operations are perceived and executed. Analytics in supply chain management has evolved from merely analysing historical data to proactively forecasting future trends and challenges. 

This evolution has spurred a growing interest in specialised supply chain management courses and training in supply chain analytics. Such educational endeavours aim to prepare professionals to leverage advanced analytics capabilities, ensuring supply chains remain agile and adaptive amidst unpredictable challenges. As the journey continues, the collaboration between advanced analytics and supply chain management promises to set new standards for operational efficiency and customer-centricity.

5 Supply Chain Trends to Watch Out For in 2024

Posted on by Imarticus Learning

Have you ever wondered how the top industries of our time have never struggled with global supply chains? 

As we approach 2024, the supply chain landscape is going through some major changes, some driven by tech advancements and some by the changing market. These changes are what help industries manage their supply chains. According to think tanks like Gartner, there is an emphasis on transparency, predictive analytics, automation, and sustainability when it comes to supply chain management. Another report by ASCM states that the increasing focus on digital supply chain transformation emphasises the importance of sustainable networks. With such crucial changes in the near future, it is important to stay informed about the top supply chain trends, especially if individuals want to make a career in supply chain management. These trends are going to be the pillars of this industry in 2024 and beyond. 

Top 5 Supply Chain Trends in 2024

Let’s look at the top 5 Supply Chain trends that will shape the year 2024 for a lot of the top industries:

Blockchain

Blockchain technology creates a decentralised ledger of all network transactions. It ensures that transactions are visible, secure, and untampered with. It helps prevent fraud and easily traces all transactions in the future. According to Gartner, this digitalised ledger system will experience rapid expansion in the near future. The global supply chain management market was worth $85.7 million in 2018 and is predicted to reach $2,674.9 million by 2024, increasing at an 80.4% CAGR. These figures clearly suggest that this sector has a lot of future potential!

Robots

As the world is still trying to recover post-pandemic, more companies are using robots and AI due to falling prices and AI advancements. Automation has proven to become the cornerstone for efficiency. Robots are being used in various sectors, from healthcare to manufacturing. This automation has reached a new era, where robots/AI are coexisting with human minds. Humans are learning to embrace this new technology with harmony, making it an indispensable tool. According to a report by Ernst and Young, the average price of an industrial robot has reduced by half, from $47,000 in 2011 to $23,000 in 2022. This cost is said to further reduce by a staggering 50-60% in 2025. If you are thinking of making a career in supply chain management, now is the time!

Optimised Demand-Supply Alignment 

This trend focuses on the use of advanced analytics and AI to predict demand more accurately and adjust supply chain operations accordingly. This ensures that supply meets demand optimally, reducing waste and costs. In 2024, more and more industries will be using this technology to match the increasing demands with supply. In 2022, the global market for demand planning solutions was approximately $3.60 billion and rose to $4.05 billion in 2023. It is set to rise to $6.22 billion in 2027 at a growth rate of 11.35%. This rate of growth indicates that the need for a career in supply chain management will increase substantially. 

Customisations

Customisation in the supply chain is tailoring products or services to meet the individual needs of consumers. This trend is driven by the customers’ demands for more personalised products. All types of companies, including software companies, retail companies, or even financial service companies, often employ mass customisation techniques due to higher demands. 

A great example of mass customisation is the clothing industry. There are many clothing factories that use machines that are controlled by computers to cut and stitch fabrics, matching the required body measurements. 

Drone Delivery

Drones are one of the most interesting inventions in the last few years. Even drones have become more advanced each year. They are used to distribute supplies, particularly in distant places. They are faster and more efficient than other traditional forms of transportation. This supply chain management strategy is expected to gain popularity as customer demand for speedier delivery develops.  Drone transportation had a market value of $36.79 million in 2019 and is predicted to reach $1,626.98 million by 2027, increasing at a CAGR of 60.6%. 

Wrapping Up

The evolution of supply chain management is undeniable, its future full of innovations and technological advancements. As explored above, the trends for 2024 are not only groundbreaking but also important for companies trying to stay ahead of the competition.  

A career in supply chain management may be the ideal option for those looking to make this field their primary career choice. However, to become a professional, you must have the proper supply chain training, expertise, and abilities. Pursuing a digital supply chain certification or engaging in comprehensive supply chain management training can provide the necessary edge. Now is the time to invest in your future in this ever-evolving industry!

Revolutionising Finance With These Top 7 AI Tools

Posted on by Imarticus Learning

The financial industry has consistently led in terms of innovation and the incorporation of advanced AI tools for finance, which is elevating its capabilities further. Today, enterprises, big or small, are shifting their emphasis towards automation. A study by PwC states that by 2030, advancements in technology could contribute to a global GDP increase of $15.7 trillion, with a notable share coming from progress in financial services. Such tools are set to revolutionise areas like marketing, financial documentation, accounting, customer interaction platforms, digital security and fraud prevention.

In this article, we will explore the top 7 AI tools that are revolutionising the world of finance and why professionals and institutions should take note. 

Benefits of Using AI in Financial Sectors

The integration of Artificial Intelligence (AI) in the financial sector has brought about transformative changes, offering a plethora of benefits:

  • Fraud Detection: Advanced AI models can identify and flag unusual transaction patterns, significantly reducing the risk of financial fraud.
  • Personalised Banking: AI-driven systems can analyse customer data to offer personalised financial advice, product recommendations and investment strategies tailored to individual needs.
  • Risk Management: AI tools can predict market changes and potential financial downturns, allowing businesses to strategise and mitigate risks effectively.
  • Credit Assessment: AI models can analyse a broader set of data points, including non-traditional ones, to assess creditworthiness, leading to more accurate credit scoring.
  • Cost Savings: Automation and improved efficiency lead to significant cost savings in operations and manpower.

Top AI Tools for Finance

  • Robo-advisors

AI-powered platforms like Robo-advisors provide automated investment advice and portfolio management. Robo-advisors utilise advanced algorithms to assess an investor’s financial goals, risk appetite and prevailing market scenarios. By doing so, they can formulate and suggest investment strategies tailored to individual needs. They democratise the investment landscape, making expert advice accessible to a broader audience, ensuring transparency and simplifying the investment process.

  • Rebank

Rebank is a financial and legal database that categorises transactions based on country and currency. Rebank classifies transactions based on the country of origin and currency type. It ensures businesses comply with international finance and tax regulations, thereby minimising legal risks associated with cross-border transactions.

  • Domo

Domo integrates data from diverse sources into a unified dashboard tailored for business decision-makers. It offers real-time insights, eliminating the challenges posed by outdated or asynchronous data, and aids in informed decision-making.

  • Zoho Books

Zoho Books harnesses the power of AI to offer businesses a comprehensive financial management solution. Zoho Books offers a suite of automated accounting tools powered by AI, from transaction recording to financial reporting. It provides businesses with real-time financial insights, streamlines accounting processes, and aids in precise decision-making.

  • Nanonets Flow

Nanonets Flow automates complex finance processes, extracting important information from documents like invoices, receipts and bank statements. It simplifies complex financial workflows, reduces manual data entry, and ensures data accuracy.

  • Fingraph

Fingraph, designed for financial data visualisation, offers businesses intuitive visual representations of their financial data, enhancing their understanding of financial health and trends. This tool not only aids in rapid data interpretation but also paves the way for improved financial planning. By highlighting key insights, Fingraph empowers businesses to pinpoint areas that require attention and optimisation.

  • Sage

Sage is a comprehensive business management and accounting software tailored for businesses of all sizes. With a diverse range of solutions spanning accounting, finance, HR and payroll, Sage is adept at streamlining business operations. Its integrated approach ensures enhanced efficiency, compliance and a holistic approach to financial management.

How to Choose the Best AI Tools for Your Finance Business

Choosing the best AI tools for finance is crucial to ensure efficiency and accuracy and also provide a competitive edge. Here’s a detailed guide to help businesses make an informed decision:

  • Identify Your Needs: Understand the specific challenges and requirements of your finance business. Are you looking for better data analytics, fraud detection or automated customer service?
  • Research & Shortlist: Look for AI tools that cater specifically to the financial sector. Read reviews, case studies and testimonials to understand the effectiveness of each tool.
  • Scalability: Choose tools that can scale with your business growth. The tool should be able to handle increased data and more complex tasks as your business expands.
  • Integration Capabilities: Ensure the AI tool can seamlessly integrate with your existing systems and software. This will save time and reduce the complexities of merging different data sources.
  • Security & Compliance: Given the sensitive nature of financial data, prioritise tools that offer robust security features. Ensure the tool adheres to industry regulations and standards.

Conclusion

As we stand on the cusp of this technological revolution, it’s essential to recognise the potential of these AI tools. From automating complex processes to offering personalised financial advice, these tools are not only enhancing efficiency but also providing easy access to expert insights. 

To get a better understanding of these tools and the finance world, consider a financial service course. People from all over the world consider the IIM Finance course offered by Imarticus, which helps them become better finance professionals. Whether you’re a seasoned financial expert or a budding entrepreneur, integrating these AI tools can pave the way for a future-ready and resilient financial journey.

Navigating Contrasts between Management Accounting and Cost Accounting

Posted on by Imarticus Learning

Management accounting and cost accounting fall under the realm of accounting that serves different purposes within a business organisation. 

Although both these approaches are crucial for the entire decision-making process, when it comes to focuses or methodologies, there are quite a few differences. 

Wondering what those are? Let’s find out. 

What is Management Accounting?

Management accounting, also sometimes referred to as managerial accounting, can be described as the process of collecting, analysing and understanding the financial statements or qualitative information to understand the overall progress of a business. It is primarily used for internal purposes and involves creating reports or documents that enable the management to make better and well-informed decisions about the business performance. 

The ultimate goal of management accounting is to maximise the profit and minimise loss for an enterprise. To achieve the same, it makes use of numerous techniques such as project appraisal, standard costing, control accounting and marginal costing, among others. 

Overall, management accounting is an indispensable tool for organisations that wish to navigate through the complexities of business operations in an easy and hassle-free manner. By providing timely, relevant and forward-looking information, management accountants empower decision-makers to guide the organisation towards its strategic objectives. 

What is Cost Accounting?

Cost accounting, as the name suggests, refers to the process of recording and analysing all costs related to a company. Similar to management accounting, cost accounting is primarily used for internal purposes by organisations to help them reduce spending. 

From traditional bookkeeping input analysis to system development, cost accounting encompasses a wide range of activities that enable enterprises to create and measure business strategies in a much more organic way. By having a transparent view of all the costs that are usually associated with a business, management can identify ways to maximise both productivity and profitability. 

A few of the many ways by which cost accounting can be used within an organisation include: 

  • Cost Controls – Cost accounting can be used to pinpoint any form of inefficiencies within business operations and apply the necessary improvements to control costs.
  • Expansion Plans – Companies that wish to expand their product or service line can benefit from cost accounting, as it provides them with an overview of future capital expenditures.
  • Financial Statements – Cost accounting can also be utilised for preparing financial statements. 

Management Accounting vs Cost Accounting: Understanding the Difference

Now, that you have a clear understanding of the definition of cost accounting and management accounting let’s move forward to some of the many differences between these two fundamental accounting principles.

Factors Management Accounting Cost Accounting
Application Management accounting typically focuses on offering a big picture of how management should strategise.  Cost accounting is useful in preventing organisations from incurring costs beyond budget. 
Scope  Management accounting has a broad scope and covers a wide range of financial and non-financial aspects. Cost accounting is more specialised and typically focuses on costs associated with production and operations. 
Measuring Grid Management accounting uses both qualitative and quantitative techniques. Cost accounting relies mainly on quantitative methods.
Sub-Set Management accounting is a broad field.  Cost accounting is a more specialised field that falls under the domain of management accounting.
Regulatory Compliance Management accounting is not subjected to external regulations or standards.  Cost accounting is subject to industry-specific regulations and standards.

 

Management Accounting vs Cost Accounting: How are They Similar?

Management accounting and cost accounting, although distinct in their approach and functionalities, share some similarities, if not more, as they are both fundamental accounting principles. For example, both these disciplines involve the use of financial information to aid decision-making processes. While the former provides a broader perspective for strategic decision-making, the latter accounts for a more specific field typically revolving around cost-related information. 

In fact, many organisations utilise an integration of management accounting and cost accounting, resulting in a comprehensive financial reporting system. It allows for a more holistic view of the organisation’s financial landscape. 

The Bottom Line

Wrapping it all up, while management accounting and cost accounting do share some common roots in accounting principles, they diverge in their purpose, scope and applications. Cost accounting aims at reducing any form of extra expenditure and eliminating any unwanted costs. Management accounting, on the other hand, is useful for planning policies or strategy formulation, setting goals, and more. Nonetheless, both these approaches account for a vast amount of information on the basis of which various analyses are conducted. If you wish to learn more about the same or pursue a career in the vast field of financial management, do not forget to check out this Financial Analysis course offered by Imarticus Learning in collaboration with KPMG. In this four-month duration financial analyst certification course, you will get to explore all the intricacies of financial analysis. In addition to this, this financial analysis training course also brings forth several lucrative benefits, including unique real-world case studies, a comprehensive industry-approved curriculum, live online training, and more.